Hologic HOLX recently completed the previously-announced $808 million acquisition of Mobidiag Oy, a Finnish-French biotechnology company. Mobidiag caters to the near-patient, acute care molecular diagnostic testing space.This development is likely to strengthen Hologic’s diagnostics business and accelerate growth in the post-COVID times.Importance of the AcquisitionMobidiag is a developer and marketer of polymerase chain reaction (PCR)-based tests for acute care conditions such as gastrointestinal and respiratory infections, antimicrobial resistance management, and healthcare associated infections. The company offers two automated instruments platforms, Amplidiag and Novodiag, which deliver rapid turnaround times ranging from 50 minutes to two hours.The Novodiag platform combines real-time PCR and microarray capabilities to offer high-level multiplexing. Notably, the highly multiplexed assays enable clinicians to spot the person responsible for an infection quickly, accurately and efficiently.Image Source: Zacks Investment ResearchHologic management believes that Mobidiag has created a differentiated platform that deals with many of the historical challenges faced in multiplexed point-of-care molecular testing. Per management, the acquisition will strengthen Hologic’s international capabilities and diagnostics businesses by expanding into the fast-growing acute care adjacency.Deal Might Revamp Post-COVID Business ScenarioWe are also upbeat about an expected rebound within Hologic’s diagnostic testing space banking on this acquisition. We note that sales of COVID-19 tests in the United States,have been gradually falling following the rollout of vaccines. This leads to uncertainty in Hologic's future sales of COVID-19 tests.However, this acquisition will offer an exceptional new platform for growth, which will generate long-term value by allowing Hologic to tap into the acute care market, which is estimated to double over the next five years.Financial Significance of the DealIn 2020, Mobidiag generated revenues of $42 million (€35 million).Hologic expects the acquisition to prove dilutive to its adjusted earnings per share by around 10 cents in fiscal 2022, slightly dilutive in 2023, and accretive thereafter.Industry ProspectsPer a report by Grand View Research, the global molecular diagnostics market size was valued at $36.2 billion in 2020 and is expected to reach $49.3 billion by 2028, at a CAGR of 3.9%. Rising demand for point-of-care testing, more need for self-testing diagnostics, and increased consumer awareness about faster diagnostics are driving the market.Recent AcquisitionsIn March, Hologic acquired Diagenode -- a developer and manufacturer of molecular diagnostic assays and epigenetics products -- for nearly $159 million. The buyout strengthens Hologic’s molecular diagnostics business by expanding its international capabilities, improving regional time-to-market and offering a broader differentiated test menu.In February, Hologic acquired Biotheranostics Inc. — a leader in molecular oncology — for around $230 million. The acquisition allows Hologic to tap into the rapidly-growing oncology market.Price PerformanceShares of the company have declined 13.2% in the past three months against the industry’s growth of 6.3%.Zacks Rank and Key PicksHologic currently carries a Zacks Rank #5 (Strong Sell).A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST, Phibro Animal Health Corporation PAHC and IDEXX Laboratories, Inc. IDXX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.Envista Holdings has an estimated long-term earnings growth rate of 26%.Phibro Animal Health has an estimated long-term earnings growth rate of 11%.IDEXX Laboratories has a projected long-term earnings growth rate of 20%.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hologic, Inc. (HOLX): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report Phibro Animal Health Corporation (PAHC): Free Stock Analysis Report Envista Holdings Corporation (NVST): Free Stock Analysis Report To read this article on Zacks.com click here.